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Instrument: EURUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.16189 with take profit at 1.16299.
Bearish Preference:
A Sell position is envisaged if price trades below price 1.15914 with take profit at 1.15792.
Fundamentals:
No major fundamental
Comment: Technically, When EUR/USD broke through the upper side of a descending trend channel, it was unable to overcome the previous high of 1.19087. This double top may offer resistance if approached. EUR/USD has since moved lower and has traded below the previous low of 1.16658. This level is now a pivot point. The low of 1.15625 pierced last year’s November low of 1.16025 but has so far failed to follow through and currently trades near this price.
Analysis: SCRUM Team
